If you are thinking about selling your inherited property in Northern Kentucky, you might be wondering, “Is there a holding period before selling my inherited home?” This blog post will answer that question and you might be surprised at what you learn.
If you’ve inherited a property in Northern Kentucky or Cincinnati, you might now be wondering what to do with that property. And if you’re thinking about selling it then you’re probably wondering, “Is there a holding period before selling my inherited home?”
Great question. There are a few things you should know in order to answer that question and sell your Cincinnati or NKY home.
Is There A Holding Period Before Selling My Inherited Home
Probate Versus Inheritance
So, let’s first define our terms. In general, an inherited property is what you get when someone passes away and leaves you their property. Probate is a stage along the way. It’s the step of proving the will and making sure that the right heir gets the right inherited property.
Therefore, if someone leaves you a home and the house is in probate, you might not be able to sell it right away because the will is still being proved and there could be other heirs contesting the will.
However, if probate is complete and you fully own the inherited house, then you can likely sell the house quickly without waiting.
There Is A Holding Period (But Not What You Think)
There is a holding period with inherited homes but the holding period doesn’t mean you can’t sell the house. The holding period is simply a term used to describe how you will be taxed on the property – and it depends on when the deceased passed away.
In most cases, this won’t prevent you from selling the property but you should talk to an accountant to see if the holding period will impact how much tax you pay when you go to sell your NKY or Cincinnati house.
There May Be Other Factors
While there isn’t likely going to be a holding period on the inherited house itself that will prevent you from selling it, you should be aware that there could be other holding periods that will make it more challenging to sell. For example, the house may still has a mortgage or some other obligation. These can generally be sorted out and won’t keep you from selling.
So, if you inherited a house and are now thinking about selling it, and if you’re wondering, “Is there a holding period before selling my inherited home?” then here’s the good news: You probably don’t have to wait to sell and you can get that process going right away. However, be aware that there could be other factors that may delay the sale, or that could impact the tax you’ll have to pay when you sell.
Here’s a fast solution for you: If you want to sell your inherited house as quickly as possible, give us a call! We’ll give you a fair, fast all-cash offer to buy your inherited house as-is.
We buy houses all over Northern Kentucky and Cincinnati. If you need to sell fast, we can make you a cash offer. However, if you are looking to net as much as possible for the house, we can also help you list the property on the MLS. No matter your situation, we have solutions for you. Give us a call today!